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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IMQf/+6SlKIGUigujDdrJngJCX3oqzncqEgue1Jgpaqt5qf9GS1yvpUV/lnybDhd
 vADoEJwDubA0NlEYdwnHKA==

<SEC-DOCUMENT>0001001277-06-000305.txt : 20060726
<SEC-HEADER>0001001277-06-000305.hdr.sgml : 20060726
<ACCEPTANCE-DATETIME>20060726125259
ACCESSION NUMBER:		0001001277-06-000305
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060324
FILED AS OF DATE:		20060726
DATE AS OF CHANGE:		20060726

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HALLADOR PETROLEUM CO
		CENTRAL INDEX KEY:			0000788965
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				841014610
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1660 LINCOLN ST STE 2700
		CITY:			DENVER
		STATE:			CO
		ZIP:			80264
		BUSINESS PHONE:		3038395505

	MAIL ADDRESS:	
		STREET 1:		1660 LINCOLN STREET
		STREET 2:		SUITE 2700
		CITY:			DENVER
		STATE:			CO
		ZIP:			80264

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KIMBARK OIL & GAS CO /CO/
		DATE OF NAME CHANGE:	19900102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KIMBARK INC
		DATE OF NAME CHANGE:	19860624

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Hallador Alternative Assets Fund, LLC
		CENTRAL INDEX KEY:			0001356544

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14731
		FILM NUMBER:		06981028

	BUSINESS ADDRESS:	
		STREET 1:		555 DALE DRIVE
		CITY:			INCLINE VILLAGE
		STATE:			NV
		ZIP:			89451
		BUSINESS PHONE:		(775) 831-2272

	MAIL ADDRESS:	
		STREET 1:		555 DALE DRIVE
		CITY:			INCLINE VILLAGE
		STATE:			NV
		ZIP:			89451
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>for032406_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-03-24</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000788965</issuerCik>
        <issuerName>HALLADOR PETROLEUM CO</issuerName>
        <issuerTradingSymbol>HPCO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001356544</rptOwnerCik>
            <rptOwnerName>Hallador Alternative Assets Fund, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>555 DALE DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>INCLINE VILLAGE</rptOwnerCity>
            <rptOwnerState>NV</rptOwnerState>
            <rptOwnerZipCode>89451</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2429014</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Hallador Investment Advisors, Inc. (&quot;HIA&quot;) is the investment advisor to the Reporting Person.  HIA may be deemed to be the
 indirect beneficial owner of the securities by reason of its  influence on or control over the Reporting Person's voting and
 disposition decisions in connection with its investment advisory services to the Reporting Person.  Further, Silvertip
 Management LLC (&quot;Silvertip&quot;) is a Managing Member and General Partner of the Reporting Person and may be deemed to be an
 indirect beneficial owner of the securities by reason of its influence on or control over the Reporting Person's voting and
 disposition decisions.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ David C. Hardie</signatureName>
        <signatureDate>2006-06-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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